EIP-1559 has burnt almost 2 million ETH since its inception, providing a significant boost to Ethereum (ETH). This also indicates that since August 2021, about $5.7 billion in ETH tokens have been sent to the unknown dead wallet. In the last seven days, the second-largest cryptocurrency has increased by more than 12%.
According to Watch the Burn, an ETH burn tracker, EIP-1559 has permanently removed 2,001,406 ETH tokens from circulation. According to the statistics, the net number of decreases has remained constant at 65.15 percent. According to UltraSoundAwakening, Ethereum burns almost 6 ETH tokens per minute. Meanwhile, the mechanism burned 133,967 Ethereum tokens (worth around $389 million) in the previous month.
The technical term for the burning mechanism is Ethereum EIP-1559. On August 4th, 2021, it was successfully launched. The ‘Ethereum Improvement Proposal’ is a proposal to modify the transaction fee mechanism. EIP-1559 replaced the first-price auction, which was a primary source of transaction fees, with the base charge model, in which the cost is altered dynamically depending on network activity.
At the time of publication, ETH was trading at an average price of $2,919 USD. In the last 24 hours, the token has increased by almost 2% while its 24-hour trading volume of $15,023,137,459 increased by 20%. According to CoinMarketCap, Ethereum is the biggest cryptocurrency in the world, with a total market value of more than $350.5 billion.